SEOUL, Jan. 5 (Korea Bizwire) — South Korea’s current account surplus narrowed in November from a year earlier due mainly to a sharp rise in the deficit in the service account, central bank data showed Friday.
The country’s current account surplus reached US$7.43 billion in November, down slightly from a surplus of $8.03 billion a year earlier, according to the preliminary data from the Bank of Korea (BOK).
It marked the 69th consecutive month of a current account surplus, which started in March 2012.
The services account deficit widened to $3.27 billion from a deficit of $1.81 billion a year earlier due to a rise in overseas trips and foreign business services.
But the goods account surplus widened to $11.46 billion in November from $9.69 billion a year earlier as rising global demand helped South Korea enjoy strong overseas sales.
The primary income account swung to a deficit of $70 million in November from a surplus of $370 million a year earlier.
Meanwhile, Asia’s fourth-largest economy saw its exports rise 9.5 percent on-year to $49.62 billion in November, with imports advancing 12.7 percent to $41.99 billion.